EXHIBIT 10.15
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MANAGING DIRECTOR AGREEMENT

1.  Parties:

            a) Bionx Implants, Inc., a corporation organized under the laws of
            the State of Pennsylvania, USA and a manufacturer and marketer of
            medical devices for a variety of clinical applications including
            orthopedic surgery, urology, and maxillo-facial surgery (the
            "Corporation").

            b) Pertti Viitanen ("Viitanen")

2.  Purpose of the Agreement:

            In order to maintain the effective operations of the Corporation's
            manufacturing facilities in Finland and the management of business
            activities conducted at the Finnish facilities for the Corporation
            and its subsidiaries, Viitanen and the Corporation have agreed to
            the following terms and conditions. This agreement supersedes all
            previous agreements between the parties hereto and their affiliates
            or subsidiaries.

3)  Status of Viitanen

            Viitanen is appointed as Vice President, manufacturing of the
            Corporation and Managing Director of the Corporation's Finnish
            Operations, Bionx Implants Ltd. Viitanen shall be responsible for
            the day-to-day managing of Bionx Implants Ltd. As the Managing
            Director Viitanen is liable for the management and control of the
            business and operations of Bionx Implants Ltd. and that the
            day-to-day administration is carried out according to the Finnish
            Companies Act. The Managing Director shall not make decisions
            concerning issues that are unusual or far-reaching concerning the
            scope and nature of the business of Bionx Implants Ltd. and is aware
            of limitations to the scope of the rights and duties of the Managing
            Director according to the Finnish Companies Act. Viitanen will
            report in his capacity as Vice President to the President of the
            Corporation or a designee appointed by the President of the
            Corporation and subject to their instructions.

 4.  Term:

            The initial term of this agreement will be one (1) year, commencing
            as of January 1, 2001 and terminating on December 31, 2001. The
            parties agree that after the initial term, this agreement will
            automatically renew until notice by either party. The Corporation
            may terminate this agreement after the initial term and provide
            Viitanen six (6) months severance compensation in lieu of notice.
            Notwithstanding the foregoing, the Corporation, upon prior written
            notice to Viitanen, may assign its rights under this agreement to
            the purchaser of substantially all of the Corporation's assets to
            the surviving entity in a merger involving the Corporation as a
            party, provided that the purchaser or surviving entity becomes bound
            by the terms and conditions of this agreement to the same extent as
            if it were named as the Corporation. In the event the purchaser or
            surviving entity does not agree to be bound by the same terms and
            conditions of this agreement the purchaser or surviving entity may
            terminate this agreement and provide Viitanen six (6) months
            severance compensation in lieu of notice.
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            Viitanen may terminate this agreement after the initial term by
            providing six (6) months notice to the Corporation.

5.  Remuneration:

            The remuneration of Viitanen during the period of this agreement
            will be the following:

            Viitanen will receive a minimum base salary of EUR 6666 per month,
            payable once a month by the Corporation's Finnish subsidiaries.
            Viitanen and the Corporation agree that Viitanen's base salary is
            intended to provide Viitanen with reasonable compensation for
            Viitanen's assignment of all intellectual and industrial property
            rights to all of the products the Corporation develops, creates,
            invents or manufactures during the term of this agreement.

            Viitanen will also be eligible for cash bonuses, if and when
            awarded, when granted by the Compensation Committee of the Board of
            Directors of the Corporation. Viitanen will also be eligible to
            participate in the Corporation's 1996 Stock Option/Stock Issuance
            Plan.

            In addition to the minimum base salary the Corporation will also
            provide Viitanen with a car and phone, paid for by the Corporation,
            and will reimburse Viitanen for all reasonable travel and
            entertainment costs required by the Corporation for the performance
            of his duties according to the rules and regulations as set forth by
            the Tax Office in Finland. The minimum base salary will be reviewed
            annually and it is subject to annual increase as approved by the
            Compensation Committee of the Board of Directors of the Corporation.

6.  Pension Benefits:

            The Corporation provides Viitanen with the statutory benefits
            relating to work accident insurance, unemployment insurance and
            group life insurance and the pension set forth in the Finnish Act of
            Pension for Employees. Viitanen shall be also entitled to the health
            care services provided to the personnel of the Corporation. If
            Viitanen is prevented from performing his duties because of illness
            or accident, he shall receive his monthly base salary or total
            salary during six (6) months, less any daily allowances or other
            amounts, which he may receive under statutory or voluntary insurance
            schemes during that period.

            The Corporation will provide Viitanen with coverage under the
            Corporation's Directors and Officers a liability insurance policy.

            In addition to the statutory pension insurance Viitanen is entitled
            to an individual pension policy of EUR 5000 per year.

7.  Vacation and Holiday Rights:

            Viitanen is entitled to holidays, vacation and vacation allowance
            according the general employment terms in Finland. Viitanen will
            decide the vacation periods and will notify the President of his
            plans in advance.
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8.  Daily working time:

            Viitanen will report to the Finnish facility daily for a period of
            not less than 8 hours per day, except those times when the
            facilities are closed to the rest of the workforce and during the
            Holiday periods Viitanen is entitled to.

9.  Other employment:

            The Corporation is not aware of any other employment activities that
            Viitanen is presently engaged in outside the Corporation other than
            the job of the Managing Director of BCI, Bioabsorbable Concepts Ltd.
            in Tampere, which is a start-up company developing drug-release
            implants. Viitanen agrees that the work activities for the
            Corporation shall come before those related activities of BCI and
            that while working in the Corporation's facilities during normal
            hours of work Viitanen agrees that he shall not engage activities
            for BCI. Viitanen agrees that he shall not engage in any other
            employment activities during the term of this agreement. 10.

10.  Non-competition:

            Viitanen undertakes that during a period of 6 months after the
            termination of this agreement he will not directly or indirectly
            have an interest in or be engaged, concerned or involved in
            businesses activities competing with the business activities of the
            Corporation or its subsidiaries.

11.  Industrial property rights:

            Viitanen agrees that all patents, patent applications, know-how,
            technical data and other industrial and intellectual property rights
            relating to the Corporation's research and development activities in
            which Viitanen may have any interest whatsoever, regardless of the
            area of application, have been irrevocably transferred by Viitanen
            to, and will continue to be the property of, the Corporation. All
            such intellectual and industrial rights developed by or under the
            direction of Viitanen during the term of this agreement are also
            hereby transferred to the Corporation by Viitanen.

12.  Applicable law and disputes:

            This Agreement is governed by Finnish law.

            All disputes concerning the terms and interpretation of this
            Agreement are to be resolved in accordance with the law on
            arbitration. The sole arbitrator, if and when the parties cannot
            reach an agreement, shall be determined by the Finnish Central
            Chamber of Commerce on request of either of the parties.

            This Agreement supercedes and replaces previous any Employment
            Agreements between the parties, or their predecessors, which
            agreements are hereby deemed to have been terminated in accordance
            with its provisions.

Dated: As of January 1, 2001.

BIONX IMPLANTS.INC.

/s/ Gerard S, Carlozzi
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Gerard S, Carlozzi
President

/s/ Pertti Viitanen
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Pertti Viitanen
Managing Director of Bionx Implants Ltd,
Vice President, Manufacturing